Dubai bourse rises as Emaar hits six-year high on mall IPO euphoria
The Dubai financial market continued to rally on Monday, September 1, albeit amid a negative market breadth. Emaar remained in the spot light, closing 4.50 per cent higher at AED11.65, the highest level since spring 2008. Emaar’s announcement from Sunday to list its mall business EMG as early as October lifted the market index DFMGI by 1.54 per cent to 5,140.78.
But sixteen declining shares outnumbered 12 advancing stocks. Kuwait-based finance advisors IFA lost the most, ending off 9.20 per cent at AED0.79.
Arabtec came under renewed pressure and left the trading floor 1.89 per cent lower at AED4.73.
Deyaar Development closed unchanged at AED1.28. Earlier in the day, the Islamic real estate firm ha announced the launch of „Montrose?, A project comprises of three towers – a hotel apartment and two residential towers. Residential units at Montrose will open for sale on September 6 at Deyaar?s new sales and service centre in the Burlington Tower, Business Bay.